Bitcoin Not Involved In Major US$40m Fraud Scheme

Bitcoin Not Involved In Major US$40m Fraud Scheme

After a joint investigation was conducted by the US Immigration and Customs Enforcement and Homeland Security, seven people were arrested. Fraud is an international business, albeit some countries seem more prone to criminal activity than others. Six Nigerians have been arrested and sentenced for their role in a US$40m fraud scheme. Although Bitcoin was not involved – from what we can tell – they used any other means at their disposal to defraud users all over the world. Among the scams run by this group are check fraud secret shopper schemes, and personal assistant work-from-home fraud....


Related News

JPMorgan Chase Hacker Allegedly Ran a Bitcoin Exchange

It is this latter part that causes some concern. For now, it remains unclear which Bitcoin exchange was run by these individuals. JPMorgan Chase fell victim a major computer hacking and fraud scheme a while ago. As it turns out, an American has been involved in this scheme. Joshua Aaron was arrested on Wednesday after the entered the US from Russia. This flight was a part of this extradition to the US, where the will face several charges relate to the JPMorgan Chase hack. A total of nine people are under investigation for their involvement in the hack against this financial institution.....

$2 Billion Crypto Fraud Bitconnect and Founder Charged — Director Pleads Guil...

The $2 billion crypto fraud scheme Bitconnect and its founder have been charged in the U.S. In a parallel enforcement action, a Bitconnect director and top promoter has pleaded guilty to criminal charges in the U.S. “The Bitconnect scheme is believed to be the largest cryptocurrency fraud ever charged criminally,” said the U.S. Department of Justice (DOJ). US Authorities Take Action Against Bitconnect and Its Founder U.S. authorities continue to take action against the fraudulent crypto trading scheme Bitconnect and its executives this week. “The Bitconnect....

"[email protected]" Arrested for Bitcoin Ponzi Scam

Charles Ponzi. Trendon Shavers, aka "[email protected]," was arrested this morning on securities fraud and wire fraud charges stemming from his involvement in a Bitcoin-related Ponzi scheme. A Ponzi scheme is a fraudulent investment operation where the operator pays returns to its investors from new capital paid by new investors, rather than from profit earned. The scheme is named after Charles Ponzi, who became notorious for using the technique in 1920. Shavers was the founder and operator of Bitcoin Savings and Trust (BCS&T), which offered and sold Bitcoin-based investments through the Internet.....

US Justice Dept is selling $56M in crypto to compensate victims of BitConnect...

“This liquidation is the largest single recovery of a cryptocurrency fraud by the United States to date,” said the Justice Department. The United States Department of Justice is planning to sell $56 million worth of cryptocurrency seized in connection with its case against Ponzi scheme BitConnect.In a Nov. 16 announcement, the Justice Department said it would sell the seized crypto and hold the proceeds in U.S. dollars until it could use the funds to provide restitution to BitConnect victims. The U.S. government is currently holding the $56 million in crypto in wallets, and said the amount....

Bitcoin Startup Founder Resigns Board Position Amid Fraud Charges

The former executive chairman of a publicly listed Australian digital currency startup has been indicted by the US government for his alleged involvement in a fraudulent text messaging scheme. Zhenya Tsvetnenko was among three parties named in a superseding indictment unsealed last week in the US District Court for the Southern District of New York. Tsvetnenko co-founded DigitalX, which was originally a bitcoin mining firm called DigitalBTC before it moved to launch a payments app called Air Pocket. US prosecutors have alleged that Tsvetnenko, among other defendants named in the case, was....